Cairo, Egypt, October 25, 2012—IFC,
a member of the World Bank Group, held a regional workshop to support the
development of mediation services in the Middle East and North Africa,
helping private sector companies resolve disputes quickly and easily.
The event was part of IFC’s efforts
to support mediation across the region, where commercial court cases are
often expensive and take a long time to resolve. The event, held in Cairo,
brought together staff from mediation centers in Egypt, Lebanon, Morocco,
and Pakistan. Its aim was to create regional standards for mediators, such
as accreditation and a code of conduct.
“Businesses in the region are often
hindered by long and costly court procedures,” said Milo Stevanovich,
Manager of IFC’s Commercial Justice Project in the Middle East and North
Africa. “Mediation can help them resolve disputes quickly and easily,
allowing them to devote more resources to growing and creating jobs.”
Enforcing a contract across the region
takes an average of 652 days and 44 different procedures, costing up to
quarter of the claim. Mediation helps companies avoid full-scale court
procedures and dramatically reduces the time and cost of resolving disputes.
The Cairo workshop is the second in a
series of regional events featuring IFC mediation partners. It was conducted
by the Center for Effective Dispute Resolution, one of the world’s leading
mediation centers. The initiative is part of the IFC Regional Alternative
Dispute Resolution Program, funded by Switzerland’s State Secretariat
for Economic Affairs.
IFC, a member of the World Bank Group
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
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